Forex: Rupee trades at 40.96/97 per dollar

Mumbai, May 10: The Indian Rupee today slipped down further to trade at 40.96/97 in the morning session against the previous close of 40.93/94 yesterday.

According to traders, concerns over a possible Reserve Bank intervention prevailed in the market that reflected in trading.

The Rupee hit a nine-year high of 40.53 on Monday, but has fallen more than one per cent since then.

India's exports grew slower than expected at 8.8 per cent in March from a year earlier, dealers said.

The Rupee has gained 8 per cent this year and remains Asia's best performing currency against the dollar in current year, powered by robust capital inflows into the fast-growing economy.

The Reserve Bank of India (RBI) bought USD 19.7 billion in the four months to end-February in a bid to stem the Rupee's rise.

UNI